"Nothing Too Much, Just Out Of Sight" on his new album "Electric Arguments" with side project The Fireman, was widely believed to be about the former model – who Paul divorced earlier this year.
Lyrics in the track include: "I remember you well/ Oh woman betrayed you/ I couldn't resist you/ When I made you."
However, Paul insists people are reading too much into the song, which is actually a sister track to his former band The Beatles' popular song "Ob-La-Di, Ob-La-Da."
He explained: "I didn't have anyone in mind. There was an African guy called Jimmy Scott who I used to meet in nightclubs in London during the 60s."
"He was the guy who said to me, 'Ob-La-Di, Ob-La-Da, life goes on' and the other thing he used to say was, 'Nothing too much man, just out of sight.'"
"I always thought that it was a great thing to say, so it was really Jimmy. I just flew off that line and shouted out things around it."
Paul also claims his new album proves he is just as experimental as his late songwriting partner John Lennon.
The 66-year-old musician added to Britain's Daily Star newspaper: "John and I grew up together and I think we were both as experimental as each other but perception-wise he was the more experimental one."
"I'd been doing it as a hobby but with John it was the 'main event.' That was John's courage. The whole point of The Fireman is that's it's a very free approach."
